Although I would suggest that that would indicate that he was over-committed, as delays to a blockbuster project like The Hobbit are the rule, not the exception. I would also suggest that it indicates that his commitment to the Universal projects were more important to him than his commitment to The Hobbit. I have no problem with that being the case, though of course being an obsessed Tolkienist, I would prefer that someone would consider the opportunity to direct a movie based on one of his beloved books as the opportunity of a lifetime. 'But very bright were the stars upon the margin of the world, when at times the clouds about the West were drawn aside.'